Varying Interests. All items of income, gain, loss, deduction or credit shall be allocated, and all distributions shall be made, to the Persons shown on the records of the Partnership to have been Partners as of the last calendar day of the period for which the allocation or distribution is to be made. Notwithstanding the foregoing, if during any taxable year there is a change in any Partner’s Percentage Interest, the Partners agree that their allocable shares of items for the taxable year shall be determined on any method determined by the Management Committee to be permissible under Code Section 706 and the related Treasury Regulations to take account of the Partners’ varying Percentage Interests.
Appears in 6 contracts
Samples: General Partnership Agreement (Southern Natural Gas Co), General Partnership Agreement (Colorado Interstate Gas Co), General Partnership Agreement (El Paso Pipeline Partners, L.P.)
Varying Interests. All items of income, gain, loss, deduction or credit shall be allocated, and all distributions shall be made, to the Persons shown on the records of the Partnership to have been Partners as of the last calendar day of the period for which the allocation or distribution is to be made. Notwithstanding the foregoing, if during any taxable year there is a change in any Partner’s Percentage InterestSharing Ratio, the Partners agree that their allocable shares of items for the taxable year shall be determined on any method determined by the Management Committee to be permissible under Code Section 706 and the related Treasury Regulations to take account of the Partners’ varying Percentage InterestsSharing Ratios.
Appears in 2 contracts
Samples: General Partnership Agreement (Spectra Energy Partners, LP), General Partnership Agreement (Spectra Energy Partners, LP)
Varying Interests. All items of income, gain, loss, deduction or credit shall be allocated, and all distributions shall be made, to the Persons shown on the records of the Partnership to have been Partners as of the last calendar day of the period for which the allocation or distribution is to be made. Notwithstanding the foregoing, if during any taxable year there is a change in any Partner’s Percentage InterestSharing Ratio, the Partners agree that their allocable shares of items for the taxable year shall be determined on any method determined by the Management Committee General Partner to be permissible under Code Section 706 and the related Treasury Regulations to take account of the Partners’ varying Percentage InterestsSharing Ratios.
Appears in 1 contract
Samples: Limited Partnership Agreement (New Jersey Resources Corp)
